Francis Guchie created FINERACT-1257:
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Summary: End of year Module under accounting
Key: FINERACT-1257
URL: https://issues.apache.org/jira/browse/FINERACT-1257
Project: Apache Fineract
Issue Type: Improvement
Components: Accounting
Affects Versions: 1.4.0, 1.3.0, 1.2.0, 1.1.0, 1.0.0
Reporter: Francis Guchie
END OF YEAR.
In Financial accounting, when the fiscal year closes, all expenses for that
year and incomes for that year are netted-off.
Example - take a financial year that starts 1 January 2019 - i.e. Ends 31
December 2019
on 01 January 2020,
(this should be the first transaction on these GLs before anything else
transpires that day )
All EXPENSE accounts are CREDITED to have ZERO balances
All INCOME accounts are DEBITED to have ZERO balances
The NET of these two factions is Posted to an EQUITY Account as per Company
Chart of Accounts (Supplus-Deficit GL Account)
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